peabody energy corp (BTU) Details

Peabody Energy Corporation offers mining of coal. The company operates through Western U.S. Mining, Midwestern U.S. Mining, Australian Mining, Trading and Brokerage, and Corporate and Other segments. It is involved in mining and sale of thermal coal to electric utilities and metallurgical coal for industrial customers. It also offers direct and brokered trading of coal and freight-related contracts. In addition, the company operates a mine-mouth coal-fueled generating plant; manages its coal reserve and real estate holdings; and supports the development of Btu Conversion and clean coal technologies. Peabody Energy Corporation was formerly known as P&L Coal Holdings Corp and changed its name to Peabody Energy Corporation in April, 2001. The company was founded in 1883 and is headquartered in St. Louis, Missouri. Peabody Energy Corporation is a former subsidiary of Energy Group, PLC.

peabody energy corp (BTU) Key Developments

Peabody Energy Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Third Quarter and Revises Earnings Guidance for the Full Year 2015; Reports Impairment Charges for the Second Quarter of 2015

Jul 28 15

Peabody Energy Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenues of $1,339.3 million against $1,758.0 million a year ago. Operating loss was $975.8 million against profit of $32.8 million a year ago. Loss from continuing operations before income taxes was $1,100.3 million against $68.0 million a year ago. Loss from continuing operations, net of income taxes was $1,007.2 million against $72.0 million a year ago. Net loss attributable to common stockholders was $1,045.3 million or $0.65 per diluted share against $73.3 million or $0.27 per diluted share a year ago. Adjusted EBITDA was $87.0 million against $213.1 million a year ago. Adjusted diluted LPS were $0.65 against $0.28 a year ago. Adjusted loss from continuing operations was $173.8 million or $3.71 per diluted share against $73.3 million or $0.28 per diluted share a year ago. Operating cash flows negative were $59.8 million against $26.2 million a year ago. Acquisitions of property, plant and equipment were $25.8 million against $40.3 million a year ago.
For the six months, the company reported revenues of $2,877.2 million against $3,384.8 million a year ago. Operating loss was $973.6 million against profit of $35.7 million a year ago. Loss from continuing operations before income taxes was $1,261.7 million against $164.8 million a year ago. Loss from continuing operations, net of income taxes was $1,171.6 million against $116.3 million a year ago. Net loss attributable to common stockholders was $1,221.9 million or $4.51 per diluted share against $121.8 million or $0.46 per diluted share a year ago. Adjusted EBITDA was $252.6 million against $390.0 million a year ago. Adjusted diluted LPS were $1.27 against $0.47 a year ago. Adjusted loss from continuing operations was $338.4 million or $4.34 per diluted share against $119.0 million or $0.46 per diluted share a year ago. Operating cash flows negative were $56.4 million against $80.3 million a year ago. Acquisitions of property, plant and equipment were $50.9 million against $64.7 million a year ago.
The third quarter adjusted EBITDA is expected to reflect lower seaborne metallurgical coal pricing, higher PRB shipments as a result of lessened weather-related impacts, and a longwall move in Colorado.
The company revised earnings guidance for the year 2015. For the year, the company expects sales volumes from 225 million tons to 245 million tons compared to 235 million tons to 255 million tons previous guidance. Depreciation, depletion and amortization were from $580 million to $620 million compared to $600 million to $640 million previous guidance. Capital expenditures were from $160 million to $170 million compared to $170 million to $190 million previous guidance.
Second quarter results include impairment charges of $900.8 million, including $718.6 million primarily related to certain producing and non-producing Australian metallurgical coal assets, and $182.2 million from U.S. assets held for sale and not affiliated with Peabody's mining segment operations.

Peabody Energy Corporation Decides to Suspend Quarterly Dividend

Jul 28 15

Peabody Energy Corporation announced that as part of the plan to maximize liquidity, the board of directors decided to suspend the company's quarterly dividend on shares of its common stock, and will evaluate whether to reinstate the dividend in the future as circumstances warrant.

A coal industry pension fund has filed suit against Peabody Energy Corp. and Arch Coal Inc. over an alleged $800 million in liabilities related to Patriot Coal Corp.'s bankruptcy. The suit was filed in Washington, D.C., District Court by the United Mine Workers of America 1974 plan. Patriot was created from assets that Peabody and Arch once owned. The company, which earlier in 2015 moved its headquarters from Creve Coeur to Scott Depot, West Virginia, filed for bankruptcy in May, and as part of its restructuring plans to exit the United Mine Workers pension. The pension plan is arguing in its suit that a principal purpose for creating Patriot was for Arch and Peabody to evade or avoid their obligations to the 1974 Pension Plan.

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